Hiscox Re, the reinsurance part of the Hiscox Re & ILS division, has announced a new hire and an executive change, as Adam Szakmary who left ILS manager Blue Capital Management recently. Another change at the company involves Michael Jedraszak, who is leaving from his role as Chief Investment Officer of the ILS unit at Hiscox.
Szakmary joins within the traditional reinsurance team at Hiscox Re, but given the close working relationship with the ILS team and its vehicles it stands to reason that his experience running the Blue Capital platform will be a useful addition to the overall Hiscox platform.
Adam Szakmary joins as Director of Underwriting for Hiscox Insurance Company Bermuda, subject to immigration and regulatory approval, replacing Damien Smith who is returning to London to become Head of Specialty for Hiscox Re following after six years for the firm based in Bermuda.
Szakmary joins from the now Sompo Holdings owned Blue Capital Management Limited where he was CEO until recently.
He will take a position in the Hiscox Re Executive team, the Underwriting Leadership Team and also the Board of Hiscox Insurance Company Bermuda. Reporting to incoming CEO of Hiscox Re and ILS Mike Krefta, Szakmary will take responsibility for the units underwriting activities in Bermuda, including internal reinsurance for the group. Szakmary will begin at Hiscox Re in October after the completion of his notice period.
Smith has worked underwriting most reinsurance lines in his more than 20 year career with Hiscox. He will take on a role to help grow further the specialty reinsurance practice within Hiscox Re, joining a team that includes Jonathan Lord in London and Devin Page in Bermuda.
Mike Krefta commented on the announcements; “We are delighted to add Adam’s experience and skills to Hiscox Re. His expertise in building businesses and in specialty underwriting will be invaluable as we continue to develop our reinsurance offering.”
Michael Jedraszak has left the Hiscox Re & ILS team, following a number of years at the firm in London and Bermuda. As CIO he helped to create the Kiskadee platform and worked through the restructuring of the ILS team into Hiscox Re & ILS. We’re told that the CIO role will not be replaced following this departure.
The ILS team at Hiscox Re is otherwise unchanged, with Richard Lowther as Chief Operating Officer and the portfolio management team unchanged.
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